Tire Warranty Analysis. Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5,000 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund some money if the tire fails to reach 30,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000. a. For each tire sold, what is the average cost of the promotion? b. What is the probability that Grear will refund more than $25 for a tire?

Tire Warranty Analysis. Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5,000 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund some money if the tire fails to reach 30,000 miles before the tire needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000. a. For each tire sold, what is the average cost of the promotion? b. What is the probability that Grear will refund more than $25 for a tire?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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**Tire Warranty Analysis**

Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes that the standard deviation is 5,000 miles and that tire mileage is normally distributed. To promote the new tire, Grear has offered to refund some money if the tire fails to reach 30,000 miles before it needs to be replaced. Specifically, for tires with a lifetime below 30,000 miles, Grear will refund a customer $1 per 100 miles short of 30,000.

a. For each tire sold, what is the average cost of the promotion?

b. What is the probability that Grear will refund more than $25 for a tire?

**Cost Statistics Overview**

- **Count:** 0

- **Minimum:** $0.00

- **Maximum:** $0.00

- **Average:** #DIV/0!

- **Standard Deviation:** #DIV/0!

- **P(Profit > $25):** #DIV/0!

- **Standard Error of Proportion:** #DIV/0!

- **95% C.I. on Mean Profit:** #DIV/0!

- **95% C.I. on P(Profit ≤ 0):** #DIV/0!

**Histogram Data**

- **Bins and Frequencies:**
- $0: Frequency = 0
- $10: Frequency = 0
- $20: Frequency = 0
- $30: Frequency = 0
- $40: Frequency = 0
- $50: Frequency = 0
- $60: Frequency = 0
- $70: Frequency = 0
- $80: Frequency = 0

**Explanation:**
This table presents a statistical breakdown of cost data, including calculation errors where division by zero occurs, denoted by "#DIV/0!". The bins from $0 to $80 show frequency distributions, all with a current frequency of zero. This setup is likely part of a larger analysis in progress or awaiting data input.

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